Cathie Wood-led ARK Investment Management bought 21,050 shares of Tesla Inc (NASDAQ: TSLA) on Wednesday at an estimated valuation of over $2.39 million.
In 2022, financial markets witnessed one of the worst routs in history, dragged by the war in Ukraine, rising inflation and subsequent hawkish policies deployed by central banks.
Electric vehicles may be picking up traction among consumers but the rout in the financial markets in 2022 made sure no sector was spared in terms of stock price.
What Happened: Some of the prominent EV players in the listed space have seen as much as 80% drop in their stock price since the beginning of the year.
As Tesla shares continued to rally for the second day, Cathie Wood-led ARK Investment Management bought 22,514 shares of the EV-maker at an estimated valuation of over $2.74 million.
On a day Tesla Inc (NASDAQ: TSLA) stock dropped to over two-year lows, Cathie Wood’s ARK Investment Management took the opportunity to load up on the EV maker’s shares, displaying its
ETF fund manager Cathie Wood is known for investing in growth stocks and what she has labeled as “innovation.” A take by the fund manager drew criticism from a hedge fund manager.